McGrath RentCorp (MGRC) Position Reduced by Bank of America Corp DE

Bank of America Corp DE reduced its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 49.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 107,015 shares of the financial services provider’s stock after selling 106,170 shares during the quarter. Bank of America Corp DE’s holdings in McGrath RentCorp were worth $5,510,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Cutler Group LP bought a new stake in McGrath RentCorp during the 4th quarter valued at $25,000. Advisor Group Inc. raised its holdings in McGrath RentCorp by 16.5% during the 4th quarter. Advisor Group Inc. now owns 2,600 shares of the financial services provider’s stock valued at $135,000 after buying an additional 369 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in McGrath RentCorp by 3,782.1% during the 3rd quarter. Panagora Asset Management Inc. now owns 2,601 shares of the financial services provider’s stock valued at $142,000 after buying an additional 2,534 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in McGrath RentCorp by 36.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 3,811 shares of the financial services provider’s stock valued at $188,000 after buying an additional 1,025 shares during the last quarter. Finally, First Quadrant L P CA raised its holdings in McGrath RentCorp by 154.1% during the 4th quarter. First Quadrant L P CA now owns 3,948 shares of the financial services provider’s stock valued at $203,000 after buying an additional 2,394 shares during the last quarter. Institutional investors own 85.16% of the company’s stock.

Several research analysts have commented on the stock. BidaskClub upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, December 25th. Zacks Investment Research lowered shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 2nd.

Shares of NASDAQ MGRC opened at $58.64 on Monday. McGrath RentCorp has a 12 month low of $45.85 and a 12 month high of $68.79. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 1.74 and a beta of 0.70.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Tuesday, February 26th. The financial services provider reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. McGrath RentCorp had a net margin of 15.93% and a return on equity of 13.99%. The business had revenue of $133.11 million during the quarter, compared to analyst estimates of $129.63 million. During the same period in the prior year, the business earned $0.62 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, sell-side analysts predict that McGrath RentCorp will post 3.37 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th will be issued a $0.375 dividend. The ex-dividend date of this dividend is Friday, April 12th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.34. This represents a $1.50 annualized dividend and a yield of 2.56%. McGrath RentCorp’s dividend payout ratio is 47.92%.

In other McGrath RentCorp news, VP John P. Skenesky sold 1,719 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $59.01, for a total value of $101,438.19. Following the completion of the transaction, the vice president now directly owns 2,992 shares in the company, valued at approximately $176,557.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Trease Kristina Van sold 4,294 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $57.94, for a total transaction of $248,794.36. Following the completion of the sale, the vice president now directly owns 14,131 shares in the company, valued at $818,750.14. The disclosure for this sale can be found here. Insiders sold a total of 11,320 shares of company stock valued at $665,357 over the last 90 days. Company insiders own 2.00% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “McGrath RentCorp (MGRC) Position Reduced by Bank of America Corp DE” was originally reported by Baseball Daily News and is the property of of Baseball Daily News. If you are viewing this news story on another site, it was illegally copied and republished in violation of international copyright law. The legal version of this news story can be viewed at https://www.baseballdailydigest.com/news/2019/04/22/mcgrath-rentcorp-mgrc-position-reduced-by-bank-of-america-corp-de.html.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

Featured Story: How to invest in blue-chip stocks

Want to see what other hedge funds are holding MGRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McGrath RentCorp (NASDAQ:MGRC).

Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

Receive News & Ratings for McGrath RentCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McGrath RentCorp and related companies with MarketBeat.com's FREE daily email newsletter.